I don't know if the truck bubble will burst. Sure there are a lot of pretenders financing everything, but trucks, especially heavy duty ones are usually bought as dual purpose vehicles and for cash or reasonable finance terms- if there is such a thing. I don't so much think pricing for what we get I out of hand, I just think peoples perception of what they need is out of hand. Someone was talking the other day about crazy house prices compared to their parents days- even though their parents lived in a house third the size of what they think is required and it didn't have granite countertops and an outdoor kitchen--- but they lived just fine.
You make an interesting point. Housing prices are relatively speaking more expensive in absolute dollars when measured against income or net worth but I wonder if price per sq-ft that would still be true. I think that was recognized to some extent because it seems around here developers are building more reasonably sized houses, some of which are more or less what I'd build if doing a new house.
The previous credit bubble encouraged 4,000 sq-ft McMansions that fit less in real lifestyles and budget than it did speculators. I don't know that housing-to-income will ever be the same as 1950 or 1980 or whatever again, but it's not really a straight across comparison when a 1500 sq-ft ranch with bedrooms and baths used to be typical and now a "typical" house is 2x that with chef's kitchens and media rooms.
So I think the same is true of trucks. My old 1991 had a sticker around $13,000 I think new, which adjusted for inflation would be around $23,500 in today's dollars. That truck was a 4 cylinder, 5 speed, XtraCab DLX 4WD and a brand new Tacoma SR with a 4 cylinder and stick in Access Cab 4WD is roughly the same. A 2017 SR Access Cab 4WD is $26,100 MSRP here but even that isn't exactly 1:1 because my 1991 was bench seat, still listed power steering as an option (although all 4WD had PS by then), had the AM/FM radio, didn't have A/C, cassette, air bags, etc. The SR now is more like the SR5 was back then.
But I bought a used TRD OR instead of a new one and it cost about the same $23K. So new that truck is +$10K and that's because of V6, 6 speed, cruise, locker, etc. So trucks have gone upscale comparably but their real inflation-adjusted price really hasn't when comparing apples to apples.